A month ago, SpaceX Corporation (SPCX) arrived on the public markets with the kind of excitement few companies have ever generated. Investors rushed in, betting not just on rockets and satellites, but on Elon Musk’s vision of building the next great technology powerhouse. The stock wasted no time rewarding that optimism, soaring well above its IPO price within days and briefly cementing itself among the world’s most valuable companies.
But Wall Street has a habit of sobering up after the celebration.